<p>This thesis grew out of a problem encountered by a subsidiary of a Swedish multinational industrial corporation. This subsidiary is responsible for the corporation’s customer financing activities. In the thesis, we refer to these entities as the Division and the Corporation. The Division needed to find a new approach to finance its customer loan portfolio. Risk control and return maximization were important aspects of this need. The objective of this thesis is to devise and implement a method that allows the Division to make optimal funding decisions, given a certain risk limit. </p><p>We propose a funding approach based on stochastic programming. Our approach allows the Division’s portfolio manager to minimize the funding costs while hedging against market risk. We employ principal component analysis and Monte Carlo simulation to develop a multicurrency scenario generation model for interest and exchange rates. Market rate scenarios are used as input to three different optimization models. Each of the optimization models presents the optimal funding decision as positions in a unique set of financial instruments. By choosing between the optimization models, the portfolio manager can decide which financial instruments he wants to use to fund the loan portfolio. </p><p>To validate our models, we perform empirical tests on historical market data. Our results show that our optimization models have the potential to deliver sound and profitable funding decisions. In particular, we conclude that the utilization of one of our optimization models would have resulted in an increase in the Division’s net income over the past 3.5 years.</p>

This thesis grew out of a problem encountered by a subsidiary of a Swedish multinational industrial corporation. This subsidiary is responsible for the corporation’s customer financing activities. In the thesis, we refer to these entities as the Division and the Corporation. The Division needed to find a new approach to finance its customer loan portfolio. Risk control and return maximization were important aspects of this need. The objective of this thesis is to devise and implement a method that allows the Division to make optimal funding decisions, given a certain risk limit. We propose a funding approach based on stochastic programming. Our approach allows the Division’s portfolio manager to minimize the funding costs while hedging against market risk. We employ principal component analysis and Monte Carlo simulation to develop a multicurrency scenario generation model for interest and exchange rates. Market rate scenarios are used as input to three different optimization models. Each of the optimization models presents the optimal funding decision as positions in a unique set of financial instruments. By choosing between the optimization models, the portfolio manager can decide which financial instruments he wants to use to fund the loan portfolio. To validate our models, we perform empirical tests on historical market data. Our results show that our optimization models have the potential to deliver sound and profitable funding decisions. In particular, we conclude that the utilization of one of our optimization models would have resulted in an increase in the Division’s net income over the past 3.5 years.

The Swedish National Debt Office (SNDO) is the Swedish Government’s financial administration. It has several tasks and the main one is to manage the central government’s debt in a way that minimizes the cost with due regard to risk. The debt management problem is to choose currency composition and maturity profile - a problem made difficult because of the many stochastic factors involved. The SNDO has created a simulation model to quantitatively analyze different aspects of this problem by evaluating a set of static strategies in a great number of simulated futures. This approach has a number of drawbacks, which might be handled by using a financial optimization approach based on Stochastic Programming. The objective of this master’s thesis is thus to apply financial optimization on the Swedish government’s strategic debt management problem, using the SNDO’s simulation model to generate scenarios, and to evaluate this approach against a set of static strategies in fictitious future macroeconomic developments. In this report we describe how the SNDO’s simulation model is used along with a clustering algorithm to form future scenarios, which are then used by an optimization model to find an optimal decision regarding the debt management problem. Results of the evaluations show that our optimization approach is expected to have a lower average annual real cost, but with somewhat higher risk, than a set of static comparison strategies in a simulated future. These evaluation results are based on a risk preference set by ourselves, since the government has not expressed its risk preference quantitatively. We also conclude that financial optimization is applicable on the government debt management problem, although some work remains before the method can be incorporated into the strategic work of the SNDO.

Der anhaltende Misserfolg des politikgetriebenen Reformstakkatos verstärkt seit einer Dekade die Tendenz zu einem Reformmodus, der Universitäten höhere Autonomie zuspricht und auf deren Selbstorganisation gegen die teilweise dramatisch diskutierte Entfremdung von der Gesellschaft setzt. Mit Experimentierklauseln oder gar Hochschulfreiheitsgesetzen wird die Möglichkeit zur Selbstreferenz geschaffen – die Universität ist fortan für sich selbst verantwortlich. Diese Möglichkeit ist gleichwohl nur eine der notwendigen Bedingungen für erfolgreiche Selbstreferenz. Die Fähigkeit dazu liefert die „Entfesselung“ nicht. Dazu muss sich die Universität eingebettet in die sie umfassenden Zusammenhänge begreifen und mögliche Wechselwirkungen zwischen Organisation und Umwelt berücksichtigen können. Diesen voraussetzungsvollen Fall, dass eine Organisation die Auswirkungen ihrer Operationen auf ihre Umwelt sowie daraus entstehende Rückwirkungen auf sich selbst reflektiert, kann mit LUHMANN (1984, S.617) rationale Selbstreflexion genannt werden. Die Arbeit widmet sich dem Managementinstrument der Leitbildentwicklung und untersucht, wie es zur rationalen Selbstreflexion der Universität beitragen kann. Mit der Perspektive der Theorie sozialer Systeme werden drei Bedingungen herausgearbeitet, die im Prozess der Leitbildentwicklung zu berücksichtigen sind, um das orientierende und koordinierende Nutzenpotential dieses Managementinstruments zu entfalten. / Due to the persisting failure of ever continuing reforms driven by politics a new mode of reform has been established during the last decade: Universities are granted higher autonomie with respect to decisionmaking aiming at strengthening their capability of self-organisation. With flexible clauses in new higher education laws the possibility for self-reference has been created - Universities are responsible for themselves. This possibility is nevertheless just one of the required conditions for sucessful self-reference. The second required condition, the ability for self-reference, is not fulfilled automatically by just &amp;quot;loosening the chains&amp;quot;. In order to develop this ability Universities have to recognize themselves as embedded in a tight network of relationships and they have to be able to incorporate reciprocal effects between themselves and its environment into their decisionmaking. This case of an organisation being able to reflect on its impact on its environment as well as on the backlashes created by that, can be termed &amp;quot;rational reflexivity&amp;quot; with LUHMANN (1984, p.617). This paper adresses the management instrument of creating mission statements and analyses, how this instrument can contribute to the rational reflexivity of Universities. Using the theory of social systems three conditions are suggested that should be accounted for when aiming to unreveal the potential of the orienting and coordinating management instrument mission statements.

Der anhaltende Misserfolg des politikgetriebenen Reformstakkatos verstärkt seit einer Dekade die Tendenz zu einem Reformmodus, der Universitäten höhere Autonomie zuspricht und auf deren Selbstorganisation gegen die teilweise dramatisch diskutierte Entfremdung von der Gesellschaft setzt. Mit Experimentierklauseln oder gar Hochschulfreiheitsgesetzen wird die Möglichkeit zur Selbstreferenz geschaffen – die Universität ist fortan für sich selbst verantwortlich. Diese Möglichkeit ist gleichwohl nur eine der notwendigen Bedingungen für erfolgreiche Selbstreferenz. Die Fähigkeit dazu liefert die „Entfesselung“ nicht. Dazu muss sich die Universität eingebettet in die sie umfassenden Zusammenhänge begreifen und mögliche Wechselwirkungen zwischen Organisation und Umwelt berücksichtigen können. Diesen voraussetzungsvollen Fall, dass eine Organisation die Auswirkungen ihrer Operationen auf ihre Umwelt sowie daraus entstehende Rückwirkungen auf sich selbst reflektiert, kann mit LUHMANN (1984, S.617) rationale Selbstreflexion genannt werden. Die Arbeit widmet sich dem Managementinstrument der Leitbildentwicklung und untersucht, wie es zur rationalen Selbstreflexion der Universität beitragen kann. Mit der Perspektive der Theorie sozialer Systeme werden drei Bedingungen herausgearbeitet, die im Prozess der Leitbildentwicklung zu berücksichtigen sind, um das orientierende und koordinierende Nutzenpotential dieses Managementinstruments zu entfalten. / Due to the persisting failure of ever continuing reforms driven by politics a new mode of reform has been established during the last decade: Universities are granted higher autonomie with respect to decisionmaking aiming at strengthening their capability of self-organisation. With flexible clauses in new higher education laws the possibility for self-reference has been created - Universities are responsible for themselves. This possibility is nevertheless just one of the required conditions for sucessful self-reference. The second required condition, the ability for self-reference, is not fulfilled automatically by just &amp;quot;loosening the chains&amp;quot;. In order to develop this ability Universities have to recognize themselves as embedded in a tight network of relationships and they have to be able to incorporate reciprocal effects between themselves and its environment into their decisionmaking. This case of an organisation being able to reflect on its impact on its environment as well as on the backlashes created by that, can be termed &amp;quot;rational reflexivity&amp;quot; with LUHMANN (1984, p.617). This paper adresses the management instrument of creating mission statements and analyses, how this instrument can contribute to the rational reflexivity of Universities. Using the theory of social systems three conditions are suggested that should be accounted for when aiming to unreveal the potential of the orienting and coordinating management instrument mission statements.

SAMMANFATTNING I organisationers och inte minst biblioteks sätt att förhålla sig till förändring och utveckling kan genom den litteratur som presenterats flera olika krafter i denna process urskiljas. I ett växande medvetande om omvärlden och dess accelererande dynamik och inverkan på biblioteksorganisationens framtid, har en vilja för större öppenhet gentemot denna utvecklats. Tjänster i form av service till användarkollektivet tas på större allvar. Organisationsstrukturen förändras och bryts ner och i och med det kommer problem och frågeställningar i dagen som rör såväl verksamhetens teknik, arbetsuppgifternas innehåll som ledarskap och maktfördelningen. Trots vilja till förändring och implementering av nya idéer, finns de traditionella förhållningssätten kvar nere i organisationen. Bakom en organisationsförändring döljer sig ett syfte, ett mål med verksamheten, samtidigt som organisationen lever och utvecklas i en omvärld med normer och värderingar som basen för dess mål. Biblioteksorganisationens medvetenhet om mål och värderingar bakom verksamhet och uppgifter har visat sig vara ganska svag. Många medarbetare och bibliotekarier ser organisationens blotta existens som ett värde i sig som inte bör ifrågasättas, medan ledare och beslutsansvariga har ett mer rationellt förhållningssätt till dessa begrepp. Inte sällan kan här skönjas en konfliktyta mellan värderationalism och målrationalism i den Weberska betydelsen. Därför får organisationen svårt att skapa en kontinuerlig målförståelse ner genom organisationen, från det övergripande syftet med nära relationer till bakomliggande värderingar och ner till de mer operativa delmålen. Detta får följder vid implementering av datorstödda bibliotekssystem, som idag 94 representerar det tekniska systemet i organisationen. Utformningen av detta system har stor betydelse för måluppfyllelse. Utformningen av datorfiler och bibliotekssystem har utgått från ett tänkande som går långt tillbaka i tiden. De bygger på en konsoliderad teknik. Katalogsystem i samverkan med andra bibliotek har varit det som utgjort grunden för universitetsbibliotekens datorisering. Användarnas behov har definierats genom bibliotekets egna behov och sätt att betrakta dem. Man har ofta betraktat dem som ett kollektiv och tjänsterna har generaliserats i sin utformning. Just användarna, deras antal, krav och önskemål, har blivit en av de komponenter i omvärlden som utvecklats till den starkaste drivkraften och utmaningen för biblioteken förändring och syn på sig själv. Emellertid har biblioteken en tendens att bortse från olika användargruppers specifika beteendemönster och behov som går att finna inom olika fakulteter och forskningsområden. Användarna å sin sida har ofta mycket traditionella och konventionella förväntningar på vilken service de vill och kan få vid biblioteken.

Flooding has the potential to have significant impact on the value of properties depending on the level of inherent vulnerability. Experts argue that it is not the actual risk but the perception of risk among property holders that influences vulnerability of value. The hypothesis that changing perception of flood risk could make property value vulnerable in the market is the main focus of the research. This dimension of research has received very low attention in commercial property literature. The existing knowledge base of flooding and property value reveals that focus has been largely associated with residential properties. Conceptual understanding of the extent and scale of the effect of flooding on the vulnerability of property value of commercial properties would be worthwhile for relevant stakeholders. The research methodology follows a quantitative approach with sequential application: of literature review, conceptual model generation, data collection from primary and secondary sources with remote questionnaire survey of selected study areas in the UK. The conceptual model was operationalised using analysis and interpretation of the collected data and finally cross validated with secondary data gained from commercial real estate experts . The strength of this research lies in the conceptualisation of the subject matter of property value in the context of flood vulnerability. This work provides innovative conceptual insight towards business vulnerability and vulnerability of value. The variables contributing towards vulnerability were hierarchically ranked using both collected data and deductive methods. The patterns of impact and recovery analysis emphasized that within the commercial sector indirect effects of flooding should be given equal importance with direct damages. The implication of perception on the vulnerability of property value showed a slightly different picture from business vulnerability in the chosen study areas when differentiated based on flood experience. In a nutshell the study reflected that the commercial property sector does not take flooding as one of their priorities. This is in part due to differential attitude towards risk of the population within the flood plain based on their knowledge and experience of flooding. The perception of stakeholders towards vulnerability of value can change with increasing magnitude and severity of floods and it is possible that the implications on market value of commercial properties will be visible in the future. Practitioners and researchers will find this study useful in developing an understanding of the vulnerability of commercial property value in the context of changing flood risk.

SAMMANFATTNING Bakgrund: Fysisk aktivitet främjar hälsan och medför positiva effekter för kroppen. Barns och ungdomars fysiska aktivitet påverkas av olika faktorer på individ- och omgivningsnivå. Faktorerna interagerar med varandra och påverkar den fysiska aktiviteten på olika sätt och i varierande grad, faktorerna kan delas in i olika system i den Ekologiska systemteorin. Det kan exempelvis handla om föräldrars och vänners attityder och hur den fysiska miljön är utformad. Syfte: Syftet med denna studie var att utifrån ett Ekologiskt systemteoretiskt perspektiv undersöka 20-åringars upplevelse av vilka faktorer som har haft betydelse för hur fysiskt aktiva de har varit från 11-års ålder fram till idag. Metod: Studien genomfördes med en kvalitativ design med induktiv ansats. Fem deltagare intervjuades utifrån en intervjuguide innehållande semistrukturerade frågor. Kvalitativ innehållsanalys användes för att analysera och tolka materialet. Resultat: Analysen resulterade i 4 kategorier med 14 underkategorier. Kategorierna blev: ”Engagemang i idrotten påverkas av inre känslor och yttre krav”, ”Att vara en del av gemenskapen”, ”Den fysiska miljön och de socioekonomiska förutsättningarnas inverkan” och ”Andra möjliga påverkande faktorer på utövande”. Slutsats: Resultatet visade att de faktorer som har störst påverkan finns inom micro- och exosystemen. Faktorerna varierar med åldern och innefattar främst föräldrar, vänner och tillgänglighet. / ABSTRACT Background: Physical activity promotes health, and will have positive effects for the body. Children and adolescents physical activity is influenced by different factors at individual and environmental level. The factors integrate with each other and affect the physical activity in different ways and can be divided into different systems according to the ecological systems theory. It could for example involve the attitudes of parents and friends and how the physical environment is designed. Aim: Based on Ecological systems theory the purpose of this study is to examine 20-yearolds experience of which factors that have had an impact on their physical activity from 11 years old until today. Method: The study was conducted with a qualitative design with inductive approach. Five participants were interviewed based on an interview guide containing semi-structured questions. Qualitative content analysis was used to analyze and interpret the material. Result: The analysis resulted in 4 categories with 14 subcategories. The categories were: "Involvement in sport is affected by internal feelings and external demands", "Being a part of the community", "The impact of physical environment and socioeconomic conditions" and "Other possible factors affecting the activity". Conclusion: The result showed that the factors with the greatest impact is within the micro and exosystems. The factors varies over time and focuses on parents, friends and availability.

Thesis (MA)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: Major gaps exist in the understanding of career development across diverse population groups and cultures, a lacuna that postmodern career counselling approaches aim to address. Career choices have been historically constrained for many South Africans by the Apartheid system, indicating the prescribing effects that socio-political and economic factors exert on the field of career psychology. Because disadvantaged adolescents are such an under-researched group, research is needed to provide cogent accounts of their experiences. The Systems Theory Framework of career development (STF) was chosen to contextualise the multitude of career influences present in facing a key life transition in Makupula High School learners in the Kayamandi township. The present research examined the complex interplay of contextual influences that impacts this sample of Grade 12 learners in making career decisions, to provide insight into perceived career opportunities, enablers and unique contextual constraints. The research aimed to identify individual, social and environmental-societal level influences present in career decision-making, using the qualitative career measure My Systems of Career Influences (MSCI) as well as individual interviews and a focus group. Respondents‟ accounts of self-awareness, surrounding environmental resources, influences of significant others (parents, teachers and peers), and past, present and future effects were analysed. At an individual level, a scarcity of opportunities for self-reflection and critical thinking was observed, which culminated in limited insight into personal abilities and poor integration of personal information in occupational choices. High self-efficacy beliefs and expectations were noted, with a sense of responsibility assumed for constructing successful career paths. However, high order cognitive processes, such as future planning, were absent, showing the need for career counselling to build career adaptability and resilience. Social level influences were the most prominent influences, indicating the importance attached to family support, although a lack of parental involvement in career planning was voiced due to the low occupational status of parents. The school context provided examples of subject mastery and career information from teachers; in contrast, friends were described as dual entities, being supportive and providing negative influences. A lack of visible local role models and success pathways resulted in career choices being based on media depictions of careers as well as media role models, in the absence of additional accessible career information. The theme of career myths illustrated the need for accurate career information, and the theme of cultural identity emerged. Africentric narratives of overcoming suffering formed resilient mechanisms that were linked to a black racial identity, yet constrained movements away from extended family structures and the township. The reconciliation of “western” career aspirations with rural roots in forming a coherent self-concept may be the greatest challenge in vocational identity development for disadvantaged adolescents. At the environmental-societal level, Kayamandi was discussed as an enabling and disadvantageous environment, and reference was made to the resources and language barriers that were inherent in Stellenbosch town. Lastly, MSCI feedback indicated the necessity of reflection processes, and criticisms were also discussed. Themes that emerged from the learners‟ career stories can assist in providing insight that would aid future career development, counselling processes and the creation of context-specific interventions. / AFRIKAANSE OPSOMMING: Daar bestaan groot leemtes in die verstaan van loopbaan-ontwikkeling by verskillende bevolkingsgroepe en kulture, „n gaping wat postmoderne beroepsberaders poog om aan te spreek. In die verlede is beroepskeuses vir vele Suid-Afrikaners beperk deur die Apartheidstelsel, wat dui op die voorskriftelike impak van sosio-politiese en ekonomiese faktore op die gebied van beroepsielkunde. Gegewe dat daar min navorsing gedoen is aangaande benadeelde adolessente, is navorsing nodig om koherente weergawes van hul ervarings te verskaf. Die Sisteemteorieraamwerk van loopbaan-ontwikkeling (Systems Theory Framework, STF) is gebruik om die menigte van beroeps-invloede te kontekstualiseer wat gepaard gaan met „n belangrike lewensverandering by leerders verbonde aan die Hoërskool Makupula in die Kayamandi-dorpsgebied. Die huidige navorsing het die komplekse wisselwerking van kontekstuele invloede ondersoek wat hierdie steekproef van graad 12-leerders beïnvloed het rakende loopbaankeuses, en poog om die nodige insig te verskaf van waargenome loopbaangeleenthede, ondersteuningsnetwerke (“enablers”) en spesifieke kontekstuele beperkings. Die navorsingsdoelwitte behels die identifisering van individuele-, sosiale- asook omgewings-en-samelewingsvlakke wat loopbaankeuses beïnvloed. Die kwalitatiewe loopbaanmeetinstrument “My Systems of Career Influences” (MSCI), individuele onderhoude en „n fokusgroep is gebruik. Die respondente se weergawes van “self,” beskikbare omgewings-hulpbronne, invloede van betekenisvolle ander (ouers, opvoeders en portuurgroepe) asook die impak van die verlede, hede en die toekoms is ontleed. Die individuele vlak van ontleding het gebreke rakende self-refleksie en kritiese denke aangedui, wat gelei het tot die beperkte insig van persoonlike vermoëns en die gebrekkige integrasie van persoonlike inligting aangaande loopbaankeuses. Die respondente het sterk oortuigings van self-doeltreffendheid getoon, en „n sin van die nodige verantwoordelikheid vir die daarstelling van suksesvolle loopbaanrigtings. Hierteenoor egter het hoë-orde kognitiewe prosesse, soos toekomsbeplanning ontbreek, wat die behoefte aan loopbaanberading getoon het sodat loopbaan aanpasbaarheid en veerkragtigheid ontwikkel kan word. Die sosiale vlak van ontleding het die mees prominente invloede getoon wat die belangrikheid van familie-ondersteuning aandui, alhoewel die gebrekkige betrokkenheid van ouers rakende loopbaanbeplanning geblyk het as gevolg van die die lae beroepstatus van die ouers. Die skoolkonteks het voorbeelde gebied van die vakke wat die respondente bemeester het asook loopbaan-inligting soos verskaf deur die onderwysers; hierteenoor is die vriende beskryf as tweevoudige entiteite wat aan die eenkant ondersteuning bied, maar aan die anderkant ook die negatiewe invloede. „n Gebrek aan sigbare plaaslike rolmodelle en suksesvolle loopbaanrigtings het gelei tot loopbaankeuses wat gebaseer word op die voorstellings van beroepe soos in die media, asook media-rolmodelle in die afwesigheid van aanvullende en toeganklike loopbaan-inligting. The tema van loopbaan-mites het die behoefte aan akkurate loopbaan-inligting ge-illustreer; en die tema rakende kulturele-identiteit het na vore gekom. Afri-sentriese narratiewe van die oorkoming van swaarkry wat gelei het tot veerkragtige hanteringsmeganismes, is gekoppel aan „n swart rasse-identiteit, alhoewel dit ook die bewegings weg van die uitgebreide familie-strukture en die dorpsgebied belemmer. Die versoening van “westerse” loopbaan-verwagtings met die landelike verbondenheit om „n koherente selfkonsep te vorm, kan die grootste uitdaging wees in die ontwikkeling van „n loopbaan-identiteit vir benadeelde adolessente. Op die omgewings-samelewingsvlak van ontleding is die volgende bespreek: Kayamandi as „n bemagtigende én „n nadelige omgewing; die hulpbronne; en probleme aangaande taalkwessies wat deel is van die Stellenbosse gemeenskap. Ten slotte, die MSCI terugvoering het die behoefte aan refleksie-prosesse aangedui en kritiekpunte is ook bespreek. Temas wat geïdentifiseer is in die leerders se loopbaan-stories kan bydra tot die verkryging van insig vir toekomstige loopbaan-ontwikkeling, beradingsprosesse, en vir die ontwikkeling van konteks-spesifieke intervensies.

Denna studie är en fallstudie vid två av Magelungens dagverksamheter. Studien inkluderar tre olika perspektiv: ungdom, förälder och behandlare. Syftet med studien har varit att undersöka informanternas upplevelser av ungdomens tid på Magelungens dagverksamhet. Detta har gjorts genom en kvalitativ metod där sekundärdata, i form av nio intervjuer genomförda av Magelungens forskningsgrupp, har bearbetats och analyserats genom meningskoncentrering. Studien tar avstamp i den kunskapslucka kring kvalitativ forskning om dagverksamheter som forskningsgenomgången visar på. Resultatet tyder på att informanterna generellt sett är nöjda med tiden på dagverksamheten. Det positiva kretsar kring gemenskap, det lilla sammanhanget, personalens förhållningssätt och en individanpassad verksamhet som inkluderar flera områden. Det framkommer även negativa upplevelser som då framförallt handlar om att personalen borde ställt mer krav på ungdomarna. Det kretsar även kring att ungdomarna inte förbereddes tillräckligt inför avslutet från Magelungen och övergången till ”en vanlig skola”. De negativa upplevelserna kommer framförallt från föräldrar och personal medan ungdomarna själva är mer positiva. I diskussionen har systemteori samt risk- och skyddsfaktorer använts som utgångspunkt för att tolka resultaten. Resultaten diskuteras vidare i förhållande till implikationer för vidare forskning utifrån svårigheterna i att bedöma dagverksamheternas kvalitet då ungdomar placerade där utgör en mycket heterogen grupp. / This study is a case study at two of Magelungens day treatment centers. The study includes three different perspectives: adolescent, parent and therapist. The purpose of this study was to investigate the interviewees' experiences of the adolescents’ time at Magelungens day treatment center. This has been done through a qualitative approach where secondary data, in the form of nine interviews conducted by Magelungens research group, were processed and analyzed by the method of sense concentration. The study takes off from the gap of knowledge on qualitative research on day treatment centers as the research review shows.  The result indicates that the interviewees are generally satisfied with the adolescents’ time at the day treatment center. The positive experiences revolve around solidarity, the small context, the approach of the staff and an individualized setting that includes several domains. It also reveals negative experiences that mostly centers on the fact that the staff should have put more demands on the adolescents. It also revolves around the adolescents not being prepared enough for the transition to “a regular school”. The negative experiences mainly belong to the parents and staff, while the adolescents themselves are more positive. In the discussion, systems theory as well as the understanding of risk and protective factors is used as a basis for interpreting the results. The results are further discussed in relation to implications for further research with regards to the difficulties in assessing the quality of day treatment centers since the adolescents placed there are such a heterogeneous group.